I recently had occasion to try and recall what the price of a Louis Vuitton Speedy Bag was during my college years, which weren’t so long ago, and only when I came up with the number of $560 did I realize how quickly designer handbag prices have crept up in those intervening eight years. (I’m assuming that was the opening price point for the bag around when I became aware of luxury handbags, which was 2005 or so, although I can’t place the number with total certainty.) The Speedy now starts at $855, which is a price increase of almost 53% in less than a decade, far outpacing both inflation and the market-wide price increases for non-luxury consumer goods.
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If you live in Hong Kong, have an impressive handbag collection and find yourself short on cash, you’re in luck – you might be eligible for a handbag loan! According to the Wall Street Journal, one enterprising lender in the burgeoning Chinese luxury retail hub is helping wealthy women, many of them housewives, turn their prized handbags into quick cash, from a couple hundred bucks to many thousands.
And the luxury leather goods slap-fight continues! Just when you thought that LVMH might be appropriately chastened by its multi-million euro fine for using what amounts to using subterfuge and trickery to compile a rather enormous stake in family-owned Hermes, the French fashion conglomerate, helmed by Bernard Arnault, goes and does it again, according to Women’s Wear Daily.
For a man who’s just been given a new job, the detail that former Loewe creative director Stewart Vevers went into when talking to Women’s Wear Daily about his nascent arrival at Coach and what it means for the future of the brand was pretty impressive. Vevers has clearly had some time to consider the company’s idea of its future and how his creative vision fits into it, and we’re feeling pretty excited that it may be a great match indeed.
First of all: It’s not Marc Jacobs, so everyone can quit bugging him about it. Second of all: We were correct to speculate that Coach might tap a former Mulberry creative director as heir to Reed Krakoff’s throne when he departs in the near future, but we just didn’t speculate about the right one. Instead of recently deposed Emma Hill, Loewe’s Stuart Vevers, who left Mulberry in 2008, will fill Coach’s top design spot, according to Women’s Wear Daily.
Twice is a coincidence, but three times is a trend, so now that we’ve found a fourth Hermes Birkin covered in graffiti, I feel pretty comfortable saying that defiling the iconic handbag with pain, markers and pens is officially a thing. The latest graffiti’d Birkin comes courtesy of street-art duo Mint & Serf, also known as The Mirf, who were commissioned by Jeff Kain to personalize a while leather Birkin that he bought for his wife Lynn Ban (you might be familiar with her jewelry line).
If you’ve ever walked along Canal Street, you probably have a good idea of just how big of a business fake handbags are on the black market in New York City. Even when you’re walking quickly, by yourself, with your sunglasses and headphones on (which are basically all the quick visual cues for “not a tourist, don’t bother me” in NYC), it’s hard to make it more than a few steps down that famous street without hawkers shoving price lists and stock cards in your face.
I’ve worked in the fashion industry for the vast majority of my post-college life, so occasionally, I forget what it’s like for people in more traditionally corporate or conservative environments, who likely constitute the bulk of women who have the funds to buy themselves designer handbags and shoes. When I read the Washington Post’s piece on White House council Kathryn Ruemmler, though, I found myself served with a stark reminder that not all workplaces are as welcoming to designer bags and expensive shoes, no matter how by-the-book-appropriate.
Luxury-industry insiders and moguls met for the Financial Times Business of Luxury Summit 2013 in Vienna, Austria, over the past few days, and lots of interesting tidbits of information came out of the event’s who’s-who list of speakers, which included luminaries like Alexis Babeau, Managing Director of Luxury at Kering, and Andrew Rosen, CEO of Theory and Helmut Lang (and a huge investor in Proenza Schouler, among others).
If you’ve been following this strange story since the beginning, you know that LVMH, the luxury conglomerate that owns Louis Vuitton, has been in some hot water with European financial regulators lately over CEO Bernard Arnault’s covert maneuvers to acquire a significant portion of stock from one of his company’s biggest rivals, Hermes. Regulators from European financial agency AMF believe that some of those tactics may have been illegal, or at least not on the spirit of the law, and on Friday hit back at Hermes with quite the penalty: 10 million euros, the largest fine allowable by law.